Schiff: Obama's wrong when he says we have to raise the debt ceiling because we have to pay our bills

President Obama has often repeated that not raising the debt ceiling is an acknowledgement that the United States (Government) can't pay its bills.

What's the contrary position?

"When President Obama says that have to raise the debt ceiling, because America always pays its bills, he's wrong. The reason we have so much debt, is because we never pay our bills. And the reason that we have to raise the debt ceiling is because we can't pay the bills. So we want to borrow more money instead. If we leave the debt ceiling alone, then we finally actually have to deal with the bills. And the problem is, we borrowed so much money, it's impossible to pay it back. And that's what president Obama doesn't want our creditors figuring out." Peter Schiff on The Street (Video)